FHA OR 25%

[Robert Lumerman]

Hi all, 

My first purchase on a single family home. Wondering which makes most sense . Do I go with the FHA and put the min. Down payment ? Or do I put 25% down? Income from the tenant would cover the mortgage if I put the 25% down. Going the other route I'd be out of pocket monthly about 900.00. Keeping more of the money in the bank could be used for another property but …….

[Robert Lumerman]

Quote from @Dave Skow:

@Robert Lumerman...if the SFR is a rental you cant use a FHA loan ...you would need to use a conventional loan ....with a sfr rental - your down payment can be as low as 15% of the purchase price

Thought so. Well then that makes my options limited. Thanks for the post.